Banking

Regulators are chastising banks for compliance lapses among their fintech partners. But some say the software companies that connect them share some responsibility.

By March 1, financial institutions that are exempt from federal reporting requirements must provide information to state regulators about how much revenue they collect from overdraft fees.

The institution's Impressia Bank will be dedicated to the professional and financial advancement of women business owners and entrepreneurs.

Citing "unsafe and unsound practices," the National Credit Union Administration has temporarily taken charge of Richmond City Employees Federal Credit Union.

The overwhelming majority of top leaders at large U.S and Canadian banks expect a prolonged downturn in 2023, according to a recent survey. Almost none of them expect it to be particularly harsh, though.

Nonbanks would have to inform the CFPB of any state or local court decisions against them involving consumer financial products, under a new proposed rule. That information would be pooled with data about federal violations and be made available to the public.

The West Virginia-based Summit would gain 10 branches in Maryland and Delaware through its $54 million agreement to buy PSB Holding Corp.

Goldman Sachs Group aims to cut at least a few hundred more jobs as the Wall Street titan restructures its struggling consumer business and braces for an uncertain economy in the year ahead.

The U.S. Supreme Court expanded a planned showdown over President Biden's student-loan relief plan, saying it will hear arguments from two borrowers who contend they are being unfairly excluded from the full scope of the program.

WaFd Bank is using conversational artificial intelligence to make the contact center and online chat experience smoother for both customers and agents.

The agency is needlessly raising banks' costs at a time of severe economic uncertainty.

Kearny Financial is partially restructuring its balance sheet in response to a problem that many banks are facing. The bank's actions should result in a sizeable income boost once they're fully phased in, an analyst said.

The National Credit Union Administration's emergency exemption allowing for remote board and membership meetings at federally chartered institutions is scheduled to lapse at year-end. The agency's chairman recommended hybrid meetings as an option that can satisfy traditional meeting requirements.

Many U.S. companies — including JPMorgan Chase, Morgan Stanley and Apple — have drawn attention for increasing pressure on employees to show up more at the office as COVID-19 concerns ebb. Some credit unions have taken similar steps, while others still insist a hybrid schedule is better for recruitment.

Benefits under the Servicemembers Civil Relief Act were applied to fewer than 10% of auto loans for active-duty reserve members, the agency found. It urged financial institutions to ease the process for accessing the law's interest rate protections.

While Silvergate said this month it has "a resilient balance sheet and ample liquidity," and analysts call its financials sound, the bank is today contending with a question as difficult as the one that led it to crypto in the first place: whether the experiment was worth it.

Citing a congressional report, SBA says it will investigate PPP operations at several fintechs, community banks and other participants. The review raises questions about plans to open up the agency's flagship loan-guarantee program to more nonbanks.

New York and California are among the states that have laws requiring lenders to make certain disclosures to small-business borrowers. The Consumer Financial Protection Bureau has reached a preliminary determination that a federal statute does not preempt those state laws.